# LPL Financial vs. Ameriprise: Independent contractors vs. franchisees

URL: https://www.financialadvsr.com/compare/lpl-financial-vs-ameriprise
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

LPL Financial reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, compared with more than 10,000 advisors and $1.2 trillion in total client assets at Ameriprise on the same date. Both are public. LPL's core model is the independent contractor running their own practice, while most Ameriprise advisors are franchisees who use the Ameriprise brand and pay a franchise fee, alongside an employee channel. In 2025, Ameriprise was reported to be willing to pay up to 125% of trailing revenue to recruit top Commonwealth producers, while LPL offered those advisors retention packages of 10 to 50 basis points.

## Key differences

- Size: LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026. Ameriprise reported more than 10,000 advisors and $1.2 trillion in total client assets, including $732 billion in wrap assets, at June 30, 2026. [1] [2]
- Ownership: Both are public, LPL on Nasdaq (LPLA) and Ameriprise, based in Minneapolis, on the NYSE (AMP). [1] [3]
- Affiliation models: LPL's core model is the independent contractor, with employee, supported and hybrid RIA options. Ameriprise had about 8,500 franchise advisors at Dec. 31, 2025, who use its brand, cover their own overhead and pay a franchise fee, plus employee advisors and a bank and credit union channel. [4] [5] [6] [7] [3]
- Payout: LPL reported an 87.44% production-based payout rate for the second quarter of 2026. Ameriprise says franchisees receive a higher payout than its employee advisors, but its profile doesn't include a figure. [1] [3]
- Recruiting: InvestmentNews reported in April 2025 that Ameriprise was willing to pay up to 125% of trailing revenue for top Commonwealth producers. LPL offered Commonwealth advisors retention packages of 10 to 50 basis points, WealthManagement.com reported. [8] [9]
- Bank channels: Ameriprise said in the second quarter of 2026 that a Huntington Bank partnership would bring about 260 advisors and $28 billion onto its platform in late 2026 or early 2027. [10]

## Questions

**Is LPL bigger than Ameriprise?** By advisors and client assets, yes. LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, versus more than 10,000 advisors and $1.2 trillion for Ameriprise.

**Is an Ameriprise franchise the same as being independent at LPL?** Not exactly. Ameriprise franchisees are independent contractors who use the Ameriprise brand, cover their own overhead and pay a franchise association fee and other fees for support and brand rights. LPL's independent contractors run their own practices using LPL's broker-dealer and advisory platform.

**Which pays advisors more, LPL or Ameriprise?** We can't compare them directly. LPL reported a firmwide payout rate of 87.44% for the second quarter of 2026. Ameriprise says its franchisees earn a higher payout than its employees but doesn't publish a figure in the sources we reviewed.

Sources:
[1] LPL Financial: LPL Financial Announces Second Quarter 2026 Results (https://investor.lpl.com/news-releases/news-release-details/lpl-financial-announces-second-quarter-2026-results)
[2] Ameriprise Financial: Ameriprise Financial Reports Second Quarter 2026 Results (https://ir.ameriprise.com/news/news-details/2026/Ameriprise-Financial-Announces-Second-Quarter-2026-Results/default.aspx)
[3] Ameriprise Financial: Form 10-K for the fiscal year ended December 31, 2025 (https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm)
[4] WealthManagement.com: LPL Recruits $13B in Q3 as New Affiliation Models Appeal to Advisors (https://www.wealthmanagement.com/ria-news/lpl-recruits-13b-in-q3-as-new-affiliation-models-appeal-to-advisors)
[5] LPL Financial: LPL Introduces Support Model for Wirehouse Advisors (https://www.lpl.com/news-media/press-releases/lpl-financial-launches-strategic-wealth-services.html)
[6] LPL Financial: LPL Financial Welcomes Servant Path Wealth Partners to Linsco Channel (https://www.lpl.com/news-media/press-releases/lpl-financial-welcomes-servant-path-wealth-partners-to-linsco-channel.html)
[7] WealthManagement.com: LPL Stakes $41B Super OSJ Private Advisor Group (https://www.wealthmanagement.com/ibd-news/lpl-stakes-41b-super-osj-private-advisor-group)
[8] InvestmentNews: Details emerge of Ameriprise's offer to Commonwealth advisors (https://www.investmentnews.com/independent-broker-dealers/details-emerge-on-ameriprises-offer-to-commonwealth-advisors/260213)
[9] WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (https://www.wealthmanagement.com/ibd-news/large-ibds-sweeten-their-recruiting-deals-for-commonwealth-fas)
[10] MarketBeat: Ameriprise Financial Q2 Earnings Call Highlights (https://www.marketbeat.com/instant-alerts/ameriprise-financial-q2-earnings-call-highlights-2026-07-23/)